Data on electronic card spending in Australia is up y/y

Debit and credit card spending monitoring by ANZ and CBA

ANZ data:

• week to May 22, personal spending +2.2% y/y

CBA

• indicates +4% y/y

ANZ says

• the result may reflect increased card use, taking from the usual travel budget rather than an actual growth in total spend.

CBA caution

• "While it's great to see an improvement in spending we note that spending growth is still running below where it was in early January before the coronavirus hit."
• and there is a drop in overseas resident spend which has fallen significantly because of the plunge in overseas arrivals